Under Armour Inc. said Karl-Heinz “Charlie” Maurath will retire on March 31.
Maurath is Under Armour’s chief revenue officer. He joined the company in September 2012 as president, international. Maurath was named chief revenue officer in November 2015, leading all global regions inclusive of North America, EMEA, Asia-Pacific and Latin America, as well as the global direct-to-consumer business. The company said during his tenure, Under Armour “successfully transitioned into a $5 billion global brand with revenue outside of North America growing at a 50 percent [compounded annual growth rate] and reaching 22 percent of total revenue.”
Kevin Plank, Under Armour’s founder, chairman and chief executive officer, said, “Through proven and thoughtful leadership, Charlie’s contributions to building our world-class sales organization have positioned our brand for sustainable, long-term growth.”
Patrik Frisk, president and chief operating officer, said Maurath’s leadership has helped grow the company from selling product in other countries to an international business of “more than $1 billion in revenue.”
Under Armour’s four regional leaders and the head of global retail will report directly to Frisk upon Maurath’s retirement. Further, Paul Fipps, chief digital officer, will have oversight of the firm’s global e-commerce business.
The company has been reworking its management ranks under Frisk, who joined up in June to help turn around operations.
Plank told investors recently that 2017 was a year in which the company was “reset” and that 2018 on a whole would provide a “more stable operating environment” for the brand.